Bitcoin Payments to Be Valid At Japanese E-commerce Giant Mercari Very Soon
Businesses in the crypto-friendly country of Japan are now looking at ways to boost Bitcoin adoption. One of Japan’s largest e-commerce platforms Mercari stated that it will start accepting Bitcoin payments on its platform starting June 2024.
Mercari Subsidiary to Accept Bitcoin Payments
As reported by Nikkei, the company will facilitate Bitcoin transactions through its Tokyo-based cryptocurrency subsidiary, Melcoin.
Melcoin will be responsible for converting all Bitcoin payments into Japanese yen. This means that while buyers have the option to pay with BTC, vendors will receive the equivalent amount in fiat currency. Notably, Mercari will refrain from displaying prices in Bitcoin, maintaining the listing of items for sale in Japanese yen.
Despite not denoting prices in Bitcoin, customers will have the flexibility to select BTC as a payment method when conducting transactions on the Mercari platform. This move signals a notable embrace of cryptocurrency within the Japanese e-commerce landscape.
Established in 2013, Mercari has evolved into Japan’s largest community marketplace platform. As of July 2023, the company reported an impressive user base of 22 million monthly users. Mercari has also been actively expanding its footprint in international markets, with a particular focus on Europe.
In recent months, Mercari has ventured into the cryptocurrency space by introducing various crypto-related products. Notably, the company launched the Mercari Bitcoin crypto trading service. This service enables users to engage in the buying and selling of Bitcoin using the proceeds generated from their sales on the Mercari platform.
Furthermore, Mercari’s platform incorporates a loyalty points system, intricately linked to its crypto trading arm. This innovative integration allows Mercari users to exchange their accumulated loyalty points for Bitcoin, further bridging the gap between traditional e-commerce and the world of cryptocurrencies.
Japanese Businesses Offering Gateway for Crypto
Industry observers have dubbed the services offered by Mercari, along with a competing platform operated by Rakuten, as a new “gateway” for Bitcoin and cryptocurrency investors and traders.
Rakuten, a prominent Japanese e-commerce platform, has been actively involved in the cryptocurrency space for an extended period, predating Mercari’s entry.
Rakuten operates the Rakuten Wallet crypto trading service and has seamlessly integrated its loyalty points program with its cryptocurrency arm, allowing users to convert their points into various crypto assets.
In a recent survey, individuals in Japan who commenced coin trading toward the end of 2022 overwhelmingly favored Mercari’s Bitcoin Trading app (24.7%) or Rakuten’s Rakuten Wallet platform (24.2%). This development posed a challenge for the nation’s major crypto exchanges, with the established market leader bitFlyer securing the third position with a share of 11.3%. On the other hand, Japan is also working on major tax reforms for the crypto industry this year in 2024.
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Filed under: News - @ January 1, 1970 12:00 am